The rally in global markets continued throughout March as the Fed returned to its dovish ways and the ECB moved to expand its stimulus package. A recovery in domestic credit markets, spurred by another rate cut in the Eurozone, fuelled the rally, with global equities returning 6-8% and high yield bonds 4%. While gains were broad based across market cap and style (value and growth), recent laggards – emerging markets, energy, commodities, small caps – led the pack. Treasury yields remained volatile during the month but ended up largely flat during the period, demonstrating the hyper sensitivity of bond investors to Fed actions given the expectation of multiple hikes this year.

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